Joining the Advisory Board is Mr. Mark A. Smith. Mr. Smith is well recognized in the mining community, having recently served as CEO and Director of Molycorp, Inc., where he was instrumentally involved in taking that from a private company to a publicly traded producing mine. Prior to that, Mr. Smith was the President and Chief Executive Officer of Chevron Mining Inc. and managed the real estate, remediation, mining and carbon divisions of Unocal Corporation for over 22 years. During his tenure with Chevron Mining Inc., Mr. Smith also served as a Director of Companhia Brasileira de Metalurgia e Mineração (CBMM), part of the Moreira Salles Group, a private company that currently produces approximately 85% of the world supply of Niobium.

Mr. Smith has a Bachelor of Science degree in engineering from Colorado State University and a Juris Doctor cum laude from Western State University, College of Law. He currently sits on the Board of Talison Lithium Ltd. and Avanti Mining Inc.

"We are extremely pleased to welcome Mark to our team," declared Peter Dickie, President and CEO. "We believe the addition of an individual such as Mark, with his experience and business contacts with Niobium producers, is a tremendous vote of confidence and will greatly assist us in financing and developing our large and unique Niobium project."

Mr. Smith commented, "I feel honored to be associated with the best potential niobium resource in the United States and I look forward to helping bring this resource into production; offering our country's steel companies a domestic source of niobium."

The Company is developing the Elk Creek Carbonatite, the only primary niobium deposit known to be under development in the U.S., and the highest grade undeveloped niobium deposit in North America. The currently defined significant size and grade of this strategic mineral deposit (NI43-101 resource of 19.3 Million tonnes grading 0.67% Indicated containing over 129,182 tonnes of Nb2O5, and 83.3 Mt grading 0.63% containing over 523,844 tonnes of Nb2O5. Inferred), is garnering the attention of a number of significant domestic and international corporations.

In recognition of the ongoing focus, and to better reflect development plans at the Elk Creek Niobium project in Nebraska, the name of the Company is being changed to NioCorp Developments Ltd. It is anticipated the name change will be concluded shortly, following which the company will begin trading under a new symbol. There will be no change in capitalization as a result of the name change. Further details will be announced shortly.

The Company also wishes to announce the granting of incentive stock options to its directors, officers, consultants and employees, under its Stock Option Plan, for the purchase of up to 1,350,000 common shares of the Company for a period of 3 years at a price of $0.15 per share.

Cautionary note: This news release contains forward looking statements. These statements include, but are not limited to, statements with respect to the completion of an updated resource estimate, the commencement of a preliminary economic assessment study and management's expectation that the results of these studies will confirm the potential of the Elk Creek Project. Specifically, any statements regarding the potential increase of the Company's inferred resource at the Elk Creek Project and the goals and objectives of the Company are by their nature forward looking information. Resource estimates, unless specifically noted, are considered speculative. The Company has filed a National Instrument 43-101 report on the Elk Creek Project. Any and all other resource or reserve estimates are historical in nature, and should not be relied upon. By their nature, forward looking statements involve known and unknown risks and uncertainties because they relate to events and depend on factors that will or may occur in the future. Actual results may vary depending upon exploration activities, industry production, commodity demand and pricing, currency exchange rates, and, but not limited to, general economic factors. Other factors may cause the Company's actual results, performance or achievements to be materially different from any future results, performance or achievements expressed or implied by the statements

Specific risk factors include risks associated with the ability obtain any necessary approvals, waivers, consents and other requirements necessary or desirable to permit or facilitate the development of the Company's properties, risks associated with project development; the need for additional financing; operational risks associated with exploration activities and results, mining and mineral processing; environmental liability claims and insurance; reliance on key personnel; tax consequences; and other risks and uncertainties.

The business of exploring for minerals involves a high degree of risk.

Cautionary Note to US investors: The U.S. Securities and Exchange Commission specifically prohibits the use of certain terms, such as "reserves" unless such figures are based upon actual production or formation tests and can be shown to be economically and legally producible under existing economic and operating conditions.

Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.